Bitcoin, Ethereum, Dogecoin Santa Rallies Make A Pit Stop: A Look At The Cryptos Into The Weekend
Portfolio Pulse from Melanie Schaffer
Bitcoin, Ethereum, and Dogecoin experienced a pullback in their recent rallies, with Bitcoin down 2.2%, Ethereum down 3%, and Dogecoin down nearly 4% before a slight rebound. The crypto sector's retracement comes after a significant surge from September to December. The stock market remained flat, with the S&P 500 showing signs of consolidation. The crypto market's lower moves on declining volume suggest potential consolidation in stocks as well. Bitcoin and Ethereum are forming symmetrical triangle patterns, indicating a possible bullish trend if they break upwards on high volume. Conversely, a break below the lower trend line could signal a new downtrend. Dogecoin is trading sideways, indicating consolidation, with potential for either an uptrend if it regains support or a downtrend if it falls below key support levels.
December 15, 2023 | 9:06 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
Dogecoin's price action is mostly sideways, indicating consolidation, with potential for an uptrend if it regains the eight-day exponential moving average as support.
Dogecoin's sideways trading and the formation of a quadruple inside bar pattern indicate consolidation. The direction is uncertain, with potential for both an uptrend if it regains support or a downtrend if it falls below 9 cents.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Bitcoin is experiencing a slight downturn but is forming a symmetrical triangle pattern that could indicate a bullish trend if it breaks upwards on high volume.
The formation of a symmetrical triangle pattern is typically a bullish indicator, suggesting that if Bitcoin breaks upwards on high volume, it could signal the continuation of the rally. However, the recent downturn and the potential for a break below the lower trend line add uncertainty.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Ethereum also saw a decline but is in a similar symmetrical triangle pattern to Bitcoin, which could lead to a bullish trend on an upward break.
Ethereum's symmetrical triangle pattern suggests a bullish trend if it breaks upwards. The decline in price and RSI levels below 70% could provide the necessary conditions for another rally, but the possibility of a new downtrend if it breaks below adds risk.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80